Montgomery County                               2599

Whereas, the County Council deems it; to be for the best interest
of the County to eliminate said allowable interest rates in order to be
in a position to market such bonds; now therefore

Section 1. BE IT ENACTED BY THE COUNTY COUNCIL OF BAL-
TIMORE COUNTY, MARYLAND, That section 34-72 of the Baltimore
County Code, 1968, as amended, title "Water, Sewer, Sewage Disposal,
and Drains" Article III. Metropolitan District. Division 4. Bonds, be
and it is hereby repealed and re-enacted to read as follows:

Section 34-72. Manner of accepting bids and making sale; terms;
interest rate; execution.

Upon the day mentioned in any such notice of sale or summary
thereof for opening the bids for the proposals thereby called for, the
county shall receive such sealed proposals for the purchase of such bonds
as may be designated in the notice of sale or summary thereof. Subject
to the provisions of section 34-77 of this Code, upon the opening in
public of such sealed proposals as many of such bonds as may have been
so bid for shall be awarded by the county to the highest responsible
bidder or bidders therefor for cash, if the prices bid are adequate in
the judgment of the county, and when two or more bidders have made
the same bid and such bid is the highest and for the whole amount
of the bonds so offered for sale, or taken together in excess of such
whole amount, such bonds shall be awarded to such highest responsible
bidders bidding the same price in a ratable proportion; and if any of
such bonds so offered for sale are not bid for, or if any insufficient
price be bid for them, they may be subsequently disposed of under the
direction of the county at a private sale upon the best terms that can
be obtained for the same; provided, that they shall not be sold at private
sale for less than par and accrued interest. All payments of the purchase
price of such bonds shall be made to the county treasurer. Such bonds
shall be designated "Baltimore County Metropolitan District Bonds," and
shall be of such denomination or denominations and of such type, either
serial bonds, sinking fund bonds or certificates of indebtedness or other
evidences of indebtedness, and of such period of maturity, not exceeding
fifty years, and rates of interest, [not exceeding six percent per annum],
as the county may deem advisable, such bonds to be signed by the county
executive, which may be by facsimile, and to have the corporate seal
of the county affixed thereto, which may be a facsimile of the corporate
seal of the county.

Section 2. AND BE IT FURTHER ENACTED, That this Act is
hereby declared to be an emergency measure affecting the public health,
safety or welfare, and having been passed by the affirmative vote of five
members of the County Council, the same shall take effect from the date
of its enactment.

MONTGOMERY COUNTY

December Legislative Session 1968

Chapter 1
(Bill No. 1-68)

An Act to add new Section 128B to Chapter 2 of the Montgomery
County Code 1965, as amended, title "Administration," subtitle "Re-
habilitation Loan Fund", to follow immediately after Section 128A